Let’s break down the correlation between these real estate metrics to help buyers and sellers understand the current market conditions.
First, let’s look at the Months Supply of Inventory, which is currently at 4.6. This indicates how long it would take to sell all the current listings on the market based on the rate of sales. A lower number typically means a seller’s market, where there is high demand and limited supply.
Next, the 12-Month Change in Months of Inventory is at -8.37%. This negative percentage shows a decrease in the amount of time it would take to sell all the current listings compared to the previous year. This could indicate a tightening of the market and potentially higher competition among buyers.
The Median Days Homes are On the Market is 55, which gives an idea of how quickly homes are selling. A lower number suggests that homes are selling faster, which could be attributed to high demand or competitive pricing.
The List to Sold Price Percentage is at 96.7%, indicating that on average, homes are selling very close to their listing price. This could mean that sellers are pricing their homes accurately or that there is strong negotiation happening in the market.
Finally, the Median Sold Price is $625,153, giving buyers and sellers an idea of the average price at which homes are selling. This could help sellers determine a competitive listing price and buyers understand the market value of properties.
Overall, these metrics suggest a market with strong demand, limited supply, quick sales, and homes selling close to their listing price. Buyers may need to act quickly and competitively, while sellers may find this a favorable time to list their properties. It’s important to stay informed and work with a knowledgeable real estate agent to navigate these market conditions effectively.
If you would like to know more about what is happening in your particular area, let’s schedule some time to speak. Each market is different and there are micro markets that may provide additional insight. I look forward to discussing what is going on with your area.
